Category Archives: Accounting Standard

Companies (Indian Accounting Standards) (Amendment) Rules 2016

By | May 13, 2016

Companies Act, 2013 NOTIFICATION NO. GSR 365(E) [F.NO.01/01/2009-CL-V (PART)], DATED 30-3-2016 In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory… Read More »

Indian Accounting Standards implementation Road Map

By | April 29, 2016

Indian Accounting Standards The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: (i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD,… Read More »

Branding and advertisement Expenses should be expensed off

By | October 14, 2015

A company (say Company X) is a key player in media industry. The requirements of media industry is such that the company continuously needs to incur heavy amount on promotions, advertising, internal and external communications and promotions, incurring expenditure on campaigns such as save water, save energy, Green earth, etc. The company incurs substantial expenditure… Read More »

Book value of fixed assets demolished, even if for expansion, should be charged to the statement of profit and loss

By | October 6, 2015

Fixed assets demolished  A company (say Company X) is engaged in development, operation and maintenance of a hospital. The company wants to increase the number of beds in the hospital which requires demolition of certain part of the hospital. The demolition shall be that of building structure, furniture and fittings and other assets. The demolition… Read More »

ICAI proposes to divide Ind AS 115 into two separate standards

By | September 26, 2015

ICAI proposes to divide Ind AS 115 into two separate standards     The Institute of Chartered Accountants of India (ICAI) proposes to divide Ind AS 115, “Revenue from Contracts with Customers” into two separate accounting standards, first is Ind AS 11, “Construction Contracts” and second is Ind AS 18, “Revenue”. National Advisory Committee on… Read More »

Mineral Resources Exploration and Evaluation Ind AS 106

By | September 14, 2015

Indian Accounting Standard (Ind AS 106) Exploration for and Evaluation of Mineral Resources (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Question : What are the Objectives of standard on “Exploration for and Evaluation of Mineral Resources” ?… Read More »

Non-current Assets Held for Sale and Discontinued Operations Ind AS 105

By | September 14, 2015

Indian Accounting Standard (Ind AS 105) Non-current Assets Held for Sale and Discontinued Operations (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Question :What are the objectives of standard on Non-current Assets Held for Sale and Discontinued Operations ?… Read More »

Insurance Contracts Ind AS 104

By | September 13, 2015

Indian Accounting Standard (Ind AS 104) Insurance Contracts (see Note-1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Indian Accounting Standard (Ind AS) is to specify the financial reporting for insurance contracts by… Read More »

Business Combination Ind AS 103

By | September 13, 2015

Indian Accounting Standard (Ind AS 103) Business Combinations (This Indian Accounting Standard includes paragraphs set out in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles.) Objective  1. The objective of this Indian Accounting Standard (Ind AS) on Business Combinations is to improve the relevance, reliability and comparability… Read More »

Share-based Payment Ind AS 102

By | September 13, 2015

Indian Accounting Standard (Ind AS 102) Share-based Payment (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.). Objective of Share-based Payment (IND AS 102) 1. The objective of this Standard is to specify the financial reporting by an entity when… Read More »

first Ind AS financial statements as per Ind AS 101

By | September 11, 2015

Indian Accounting Standard (Ind AS 101) First time Adoption of Indian Accounting Standards (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Ind AS is to ensure that an entity’s first Ind AS… Read More »

Agricultural Ind AS 41 accounting treatment

By | September 11, 2015

 Indian Accounting Standard (Ind AS 41) Agriculture (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultural activity. Scope 1. This Standard shall… Read More »

Investment Property Ind AS 40

By | September 11, 2015

Investment Property Indian Accounting Standard (Ind AS 40) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Scope 2.… Read More »

Intangible Assets Ind AS 38 Accounting treatment

By | September 11, 2015

Indian Accounting Standard (Ind AS 38) Intangible Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically… Read More »

Provisions, Contingent Liabilities and Contingent Assets Ind AS 37

By | September 11, 2015

Indian Accounting Standard (Ind AS 37) Provisions, Contingent Liabilities and Contingent Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles). Objective The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied… Read More »

Impairment of Assets Ind AS 36

By | September 11, 2015

Indian Accounting Standard (Ind AS 36) Impairment of Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets… Read More »

Interim Financial Reporting Ind AS 34

By | September 11, 2015

Indian Accounting Standard (Ind AS 34) Interim Financial Reporting (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the… Read More »

Earnings per Share Ind AS 33 Requirements

By | September 11, 2015

Earnings per Share Indian Accounting Standard (Ind AS 33) (Earnings per Share Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of earnings per… Read More »

Financial Instruments Presentation Ind AS 32

By | September 10, 2015

Indian Accounting Standard (Ind AS 32) Financial Instruments: Presentation (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. [Refer Appendix 1] 2. The objective of this Standard is to establish principles for presenting financial instruments as liabilities… Read More »

Ind AS 29 Financial Reporting in Hyperinflationary Economies

By | September 10, 2015

Indian Accounting Standard (Ind AS 29) Financial Reporting in Hyperinflationary Economies (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied to the financial statements, including the consolidated financial statements, of any entity… Read More »

Ind AS 28 Investments in Associates and Joint Ventures

By | September 10, 2015

Indian Accounting Standard (Ind AS 28) Investments in Associates and Joint Ventures (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting for investments in associates and to… Read More »

Ind AS 27 Separate Financial Statements

By | September 10, 2015

Indian Accounting Standard (Ind AS 27) Separate Financial Statements (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting and disclosure requirements for investments in subsidiaries, joint ventures… Read More »

Ind AS 24 Related Party Disclosures

By | September 10, 2015

Indian Accounting Standard (Ind AS 24) Related Party Disclosures (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.). Objective 1. The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw… Read More »

Ind AS 23 Borrowing Costs

By | September 10, 2015

Indian Accounting Standard (Ind AS 23) Borrowing Costs (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Core principle 1. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of… Read More »

Ind AS 21The Effects of Changes in Foreign Exchange Rates

By | September 10, 2015

Indian Accounting Standard (Ind AS 21) The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. An entity may carry on foreign activities in two ways. It may have transactions… Read More »

Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance

By | September 10, 2015

Indian Accounting Standard (Ind AS 20) Accounting for Government Grants and Disclosure of Government Assistance (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied in accounting for, and in the disclosure of,… Read More »

IND AS 19 Employee Benefits

By | September 10, 2015

INDIAN ACCOUNTING STANDARD (IND AS 19)  Employee Benefits (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles). Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to… Read More »

Ind AS 17 Leases

By | September 10, 2015

Indian Accounting Standard (Ind AS 17) Leases (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in… Read More »

Ind AS 16 Property, Plant and Equipment

By | September 10, 2015

Indian Accounting Standard (Ind AS 16) Property, Plant and Equipment (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that… Read More »

Ind AS 12 Income Taxes

By | September 10, 2015

Indian Accounting Standard (Ind AS 12) Income Taxes (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income… Read More »

Ind AS 10 Events after the Reporting Period

By | September 10, 2015

Indian Accounting Standard (Ind AS 10) Events after the Reporting Period (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe: (a) When an entity should adjust its financial statements… Read More »

Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors

By | September 10, 2015

Indian Accounting Standard (Ind AS 8) Accounting Policies, Changes in Accounting Estimates and Errors (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the criteria for selecting and changing… Read More »

Ind AS 7 Statement of Cash Flows

By | September 10, 2015

Indian Accounting Standard (Ind AS 7) Statement of Cash Flows (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis… Read More »

COMPANIES INDIAN ACCOUNTING STANDARDS RULES 2015

By | August 22, 2015

COMPANIES INDIAN ACCOUNTING STANDARDS RULES 2015 COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the… Read More »

Ind AS 2 (Indian Accounting Standard )

By | August 22, 2015

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standard (Ind AS 2) Inventories (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.)… Read More »

Ind AS 1 (Indian Accounting Standard )

By | August 11, 2015

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standards (Ind AS)     Presentation of Financial Statements (Ind AS 1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type… Read More »